Group 1: Company Overview - The report highlights that 2023 was a breakthrough year for the company in international business, achieving significant overseas contracts worth nearly 1 billion yuan, with a focus on digital transformation, green manufacturing, and artificial intelligence across various regions including Southeast Asia, the Middle East, and Europe [3][31]. - The company has established subsidiaries in countries like Singapore, Saudi Arabia, and Kazakhstan, significantly enhancing its local operational capabilities [3]. - The company won a digital benchmark project with Saudi Aramco and the world's largest single shipyard, Saudi International Maritime Industries (IMI), empowering clients with digital and intelligent solutions [3]. Group 2: Industry Performance - The chemical industry continues to show rapid revenue growth, with the metallurgy sector increasing by 62.87%, energy sector by 34.70%, petrochemical sector by 28.95%, and overall chemical industry growth at 23.70%, providing strong support for the company's stable performance [4]. - The report notes that the company is a leading supplier in the field of intelligent control solutions for process industries, maintaining a top market share for several of its intelligent control software products in the domestic market [6]. Group 3: Financial Highlights - In Q1 2024, the company reported revenue of approximately 17.38 billion yuan, a year-on-year increase of 20.25%, with a net profit of 1.45 billion yuan, up 57.39% year-on-year [8]. - The company achieved a revenue of 174.43 billion yuan in Q1 2024, representing an 88.10% increase year-on-year, and a net profit of 16.26 billion yuan, which is a 210.30% increase year-on-year [31]. Group 4: Market Trends and Strategies - The report indicates that the company is focusing on expanding its product categories and enhancing product strength while deepening channel construction to meet user demands for high-quality products [28]. - The company is targeting the mid-to-high-end market, which shows strong growth momentum, capturing about 20% of the annual sales volume in this segment [29]. - The company is actively exploring new market opportunities and enhancing its digital capabilities to support its expansion strategy [34].

证券研究报告/行业研究 多项政策助力家用电器中长期发展，行业景气度回升 ——家用电器行业2023&2024Q1 业绩点评 投资要点 投资评级: 看好 ➢ 2023&2024Q1家用电器行业归母净利润增速高于营业收入增速 分析师：史伟龙 2023年，家用电器（申万）行业实现营业收入14993.27亿元，同比增长6.77%； 执业登记编号：A0190523050007 归母净利润1116.82亿元，同比增长13.75%。2024年一季度实现营业收入 shiweilong@yd.com.cn 3729.64亿元，同比增长8.05%；实现归母净利润262.42亿元，同比增长 10.67%。 ➢ 政策推动家用电器行业发展 2024年3月13日，国务院发布《推动大规模设备更新和消费品以旧换新行动方 家用电器指数与沪深300指数走势对比 案》，支持家电销售企业联合生产企业、回收企业开展以旧换新促销活动。 20% 2024年5月17日，中国人民银行发布多项通知，明确取消全国层面房贷利率下 0% -20% 限、下调房贷首付比例和公积金贷款利率，推出保障性住房再贷款。央行本次 -40% -60% 调整房贷政策，有利于降低居民首付 ...

在海南，今年"五一"假期出入境旅游人数持续攀升，截至５月５日18时,美兰、凤凰国 际机场口岸共查验出入境航班 172 架次、出入境旅客 2.3 万人次，同比增长 4.6倍。离岛免 税购物继续保持活跃，据海口海关统计，今年"五一"假期，海口海关共监管离岛免税购物 金额 5.47 亿元，购物人数 8.58 万人次，人均消费 6378 元。 资料来源：Wind，源达信息证券研究所 石家庄 本报告版权仅为本公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用须注明出处为源达信 息证券研究所，且不得对本报告进行有悖原意的引用、删节和修改。刊载或者转发本证券研究报告或者摘要的，应当注明本报告的 发布人和发布日期，提示使用证券研究报告的风险。未经授权刊载或者转发本报告的，本公司将保留向其追究法律责任的权利。 二、市场概览 图 1：申万一级行业涨跌幅情况 7d 源达 河北源达信息技术股份有限公司具有证券投资咨询业务资格，经营证券业务许可证编号：911301001043661976。 证券研究报告/投资策略 > 资讯要闻 2.5月6日，文化和旅游部发布数据，2024年"五一"假期全国国内旅游出游合计2. ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-----------|-------------|------------|-------|--------------------------|-------|-------|-------|-------| | 104 | 002254.SZ | 泰和新材 | 2024-05-07 | 实施 | 股权激励 / 员工持 股计划 | 0.50 | 1.00 | 0.37% | 0.74% | | 105 | 002979.SZ | 雷赛智能 | 2024-05-07 | 实施 | 股权激励 / 员工持 股计划 | 0.60 | 1.20 | 1.48% | 2.95% | | 106 | 600219.SH | 南山铝业 | 2024-05-07 | 实施 | 回购注销 | 3.00 | 6.00 | 0.91% | 1.82% | | 107 | 603055.SH | 台华新材 | 2024-05-07 | 实施 | 股权激励 / 员工持 股计划 | 0.50 | ...

Group 1 - The company is a leading mobile phone manufacturer in Africa, with 44% of its revenue coming from this region in 2022. It is expanding into emerging markets such as Southeast Asia, the Middle East, and South America [2] - In Q1 2024, the company achieved revenue of 17.443 billion yuan, a year-on-year increase of 88.10%, and a net profit of 1.626 billion yuan, up 210.30% year-on-year [2][50] - The company is focusing on enhancing its production capacity, particularly at its Shanghai Lingang factory, which is set to become a major production base for conductive substrates [4] Group 2 - The company is actively pursuing international expansion, establishing a local operational headquarters and focusing on six major international business regions, including MEA, SEA, EU, CA, Japan, and Australia [44] - The company has reported significant growth in its performance, with a 33.69% increase in revenue to approximately 62.295 billion yuan in 2023, and a net profit increase of 122.93% to about 5.537 billion yuan [58] - The company is leveraging AI and high-performance computing trends to drive demand for high-bandwidth memory modules, with its MRCD/MDB chips starting to see significant sales [22][67] Group 3 - The company is experiencing strong demand for its 800G optical modules, with expectations for increased production capacity to meet future demand [35] - The company has successfully implemented a new "1+2+N" smart factory architecture, which has been applied in over 4,000 sets across various industries, enhancing its market influence [45] - The company is focusing on high-quality product development and maintaining competitive pricing strategies to capture market share in the evolving electric vehicle and robotics sectors [38][53]

Investment Rating - The investment rating for the food and beverage industry is "Positive" [5] Core Insights - The food and beverage industry achieved a significant growth in net profit for both 2023 and Q1 2024, with a net profit of CNY 2,110.08 billion in 2023, representing a year-on-year increase of 17.47%, and CNY 834.93 billion in Q1 2024, with a growth of 16.09% [2][10] - The performance of the liquor, non-liquor, and snack food sectors was particularly strong, with high-end liquor companies showing resilience and strong sales [3][14] Summary by Sections 1. Overview of 2023 & Q1 2024 Food and Beverage Industry Performance - In 2023, the food and beverage industry generated revenue of CNY 10,588.72 billion, a year-on-year increase of 7.31%, and a net profit of CNY 2,110.08 billion, up 17.47%. In Q1 2024, revenue reached CNY 3,220.08 billion, growing by 7.00%, with a net profit of CNY 834.93 billion, increasing by 16.09% [10][11] 2. Performance of Liquor, Non-Liquor, and Snack Food Sectors - The liquor sector saw revenue growth of 15.90% in 2023 and 15.20% in Q1 2024, with net profits increasing by 19.51% and 16.20% respectively. High-end liquor brands like Guizhou Moutai, Wuliangye, and Luzhou Laojiao demonstrated strong performance [3][17] - Non-liquor companies reported a revenue increase of 7.13% in 2023 but a decline of 2.30% in Q1 2024. However, net profits surged by 39.52% in 2023 and remained stable in Q1 2024 [3][14] - The snack food sector experienced a revenue growth of 4.00% in 2023 and 15.80% in Q1 2024, with net profits increasing by 19.33% and 18.28% respectively, driven by diverse product offerings and strong sales during the Spring Festival [3][14] 3. Investment Recommendations - High-end liquor companies are recommended for investment due to their strong pricing power and stable demand, with specific focus on Guizhou Moutai, Wuliangye, and Luzhou Laojiao [4][18] - The decline in barley import prices is favorable for beer manufacturers, suggesting investment in leading companies like Qingdao Beer and Chongqing Beer [4][18] - The snack food sector is evolving with diverse consumption scenarios and accelerated channel changes, recommending companies like Jin Zai Food, Yan Jin Pu Zi, and Qia Qia Food for investment [4][18]

表 2：2024Q1 全行业重要财务指标一览(亿元) 2023 年&2024 年一季报申万一级行业营收增速分化较大，社会服务行业增幅居前。1） 2023 年社会服务行业营业收入增长 31.2%，2024 年一季报营业收入同比增长 16.1%，行业 增幅排第一位，从细分板块来看，2023 年出行相关板块基本实现扭亏，人力资源持续韧性 增长，教育板块结构性改善。2023年汽车行业营业收入增长 15.6%，行业增幅排第二位， 主要系碳中和背景下，2023 年汽车电动化渗透率和汽车出海超预期。2）2023 年非银金融 行业和煤炭行业营业收入增速分别为-13.0%和-10.4%，两者降幅居前。2024年一季报非银 金融行业的营业收入增速为-27.0%，行业整体业绩承压。 图 2：申万一级行业 2024Q1 营业收入同比增速 图 3： 申万一级行业 2023 年归母净利润增速 % 原达 图 5： 申万一级行业 2023 年在建工程增速 资料来源：Wind，源达信息证券研究所 商贸零售、电子和汽车行业盈利质量表现较好。经营活动现金流净额与净利润的比值能够 反映企业的盈利质量，一般来说，该指标大于１的时候，说明企业的盈利质量 ...

证券研究报告/行业研究 行业 2024Q1 业绩表现亮眼，抓住国产替代和顺周期机遇 ——电子行业2023&2024Q1 业绩点评 投资要点 投资评级: 看好 ➢ 2024Q1电子行业经营表现亮眼，周期复苏趋势明显 分析师：吴起涤 2024Q1申万电子行业营收同比增长13.99%，在31个申万一级行业中增速位 执业登记编号：A0190523020001 居第二。2024Q1申万电子行业归母净利润同比增长75.20%，在31个申万一 wuqidi@yd.com.cn 级行业中增速位居第一。从2024Q1看，受益下游需求复苏和库存消化，显示 面板、消费电子和半导体等行业都有明显复苏迹象。2023年申万电子行业营 研究助理：程治 收同比增长2.98%，在31个申万一级行业中增速位居第十七位。2023年申万 执业登记编号：A0190123070008 电子行业归母净利润同比下降33.90%，在31个申万一级行业中增速位居第二 chengzhi@yd.com.cn 十九位。2023年电子行业经营不佳主要系受下游需求低迷及产能过剩影响。 ➢ 细分板块经营均有改善，关注半导体、消费电子和显示行业 电子指数与沪深300指数走势 ...

证券研究报告/行业研究 发展稳健，量质齐升，前景光明 河北上市公司系列研究 投资要点 投资评级: 看好 ➢ 河北经济发展稳健，上市公司业绩总体拉升 分析师：吴起涤 2023河北GDP为43944亿元，相较去年同比上涨约3.7%，河北所有上市公司 执业登记编号：A0190523020001 2023财年共实现营业收入10569亿元，相较去年同比上升3%，实现归母净利 wuqidi@yd.com.cn 润448亿元，相较去年同比上升21%。经济发展与上市公司业绩增长趋势一 致，钢铁、汽车、煤炭、电力设备等行业发展稳健继续领跑河北经济。 ➢ 新兴行业开始发力，产业升级成果显现 电力设备行业：2020年河北电力设备行业上市公司实现归母净利润总额为 25.6亿元，2021年为36.5亿元，2022年为78.3亿元，2023年为93.6亿元，三 沪深300指数近期走势 年复合增速达54%，2023年河北电力设备行业上市公司归母净利润总额占 2023财年河北所有上市公司归母净利润总额的21%。电力设备行业利润增长 沪深300近期走势 系受产业升级，新能源赛道发力所致。行业内诸如晶澳科技、海泰新能、纳科 5.00% 0.00 ...

Overview of Hebei Listed Companies - Hebei's GDP in 2023 reached 4394.4 billion yuan, a year-on-year increase of 3.7% [3] - The total operating income of Hebei's listed companies in 2023 was 1056.9 billion yuan, up 3% year-on-year, with net profit attributable to the parent company reaching 44.8 billion yuan, a 21% increase [3] - Hebei has 78 listed companies, accounting for 1.45% of the national total, with a total market value of 1092.2 billion yuan, representing 1.22% of the national total [20] - The industries with the most listed companies in Hebei are basic chemicals and machinery equipment, each with 10 companies, followed by power equipment with 9 companies [9] Key Industries in Hebei - The power equipment industry in Hebei achieved a net profit attributable to the parent company of 9.36 billion yuan in 2023, with a three-year compound growth rate of 54% [3] - The electronic industry in Hebei turned profitable in 2023, with net profit attributable to the parent company reaching 3.29 billion yuan, up from a loss of 2.38 billion yuan in 2020 [14] - The automotive industry has the largest market value in Hebei, reaching 250.6 billion yuan, with companies like Great Wall Motors contributing significantly [28] - The pharmaceutical and biological industry, a traditional strength in Hebei, has a market value of approximately 110.4 billion yuan [28] Regional Distribution of Listed Companies - Listed companies in Hebei are concentrated in Shijiazhuang, Tangshan, and Baoding, with 44 companies in these three cities, accounting for 56% of the total [24] - Shijiazhuang has 23 listed companies with a total market value of 346.5 billion yuan, Tangshan has 13 companies with a market value of 137.6 billion yuan, and Baoding has 8 companies with a market value of 268.4 billion yuan [24] Emerging Industries and Industrial Upgrading - The power equipment industry's growth is driven by industrial upgrading and the development of the new energy sector, with companies like JA Solar and Haitai New Energy showing rapid growth [3] - The electronic industry's profitability has improved significantly due to Hebei's strategic layout in the semiconductor sector [14] - Hebei is actively promoting the development of strategic emerging industries such as information technology, biomedicine, and new energy, aiming to optimize its industrial structure [70] Policy Support and Economic Development - Hebei has introduced multiple policies to support the development of traditional industries, strategic emerging industries, and high-potential industries, aiming to accelerate industrial transformation and upgrading [4] - The government is encouraging private enterprises to participate in technological innovation and international market expansion, with 44 private enterprises among the 78 listed companies, contributing significantly to the local economy [79] Industry Performance and Future Outlook - The power equipment industry is expected to maintain strong growth due to clear demand for new energy installations and the broad market for new energy vehicles [77] - The electronic industry, with its focus on semiconductor and chip development, is expected to continue its growth trajectory, contributing more to Hebei's economic development [14] - The automotive industry, led by companies like Great Wall Motors, remains a key driver of Hebei's economy, with significant market value and revenue contributions [28]